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EBRD invests in expansion of EV charging infrastructure in Eastern Europe

Green Economy Materials 14 June 2024 13:53 (UTC +04:00)
EBRD invests in expansion of EV charging infrastructure in Eastern Europe
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, June 14. The European Bank for Reconstruction and Development (EBRD) has announced a €15 million equity investment in Eldrive Holding GmbH (Eldrive), a leading regional operator of electric vehicle (EV) charging points in Bulgaria, Lithuania, and Romania, Trend reports.

By 2028, Eldrive plans to install and operate 7,400 new EV charging stations, significantly expanding the current infrastructure of 900 stations across these countries.

This investment is part of a collaborative effort with Renalfa Solarpro Group, Eldrive’s owner, during the initial development phase. Additionally, the European Investment Bank (EIB) is providing a €40 million venture debt facility to support the project.

The initiative aligns with the European Union’s commitment to decarbonisation. In 2022, the transport sector accounted for 22 percent of global CO2 emissions, prompting EU countries to accelerate the deployment of clean electric mobility solutions. The EU Green Deal aims to establish one million public EV charging stations by 2025 and three million by 2030. Currently, central, southern, and eastern European markets lag behind their western counterparts in the availability of EV charging stations.

Eldrive's expansion is expected to accelerate EV adoption and contribute to the decarbonisation of transport, a crucial step at this early market development stage. Renalfa Solarpro Group, an Austrian-based clean energy and e-mobility investment firm, is actively involved in renewable energy projects. The group is currently developing solar and wind power projects with a total capacity of 3 GW across Bulgaria, Hungary, North Macedonia, Poland, and Romania.

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